The Bank of England has taken another step toward easing, cutting the base rate from 4.5% to 4.25% in a widely anticipated but cautious move. There was however a split in the voting so it wasn’t unanimous. With inflation easing—coming in at 2.6% in the year to March—markets had priced in a cut, though the Bank’s measured 25bp shift suggests policymakers remain …
Bank of England halts interest rate cuts amid ongoing inflation
As priced in by markets The Bank of England’s (BoE) Monetary Policy Committee (MPC) opted to keep interest rates unchanged at 4.5% in its second meeting of the year. Eight MPC members voted in favour holding the interest rate steady, while Swati Dhingra wanted to reduce the rate by another 0.25 percentage points. Last month, the MPC implemented a quarter …
The Bank of England holds rates at 4.75% as Budget adds inflation uncertainty
The MPC said there were ‘additional uncertainties’ caused by the Budget and further global political tensions. The Bank of England (BoE) has held the base rate at 4.75% in a widely expected move, with the Monetary Policy Committee (MPC) voting in a 6-3 majority. The decision to hold rates comes after twelve month CPI inflation increased to 2.6% in November, …
UK inflation jumps to eight-month high of 2.6%
The rise means it is unlikely the Bank of England will cut rates later this week, analysts say. UK inflation jumped to 2.6% in November, its highest level in eight months. The rise in the Consumer Price Index, from 2.3% in the previous month, was due to higher petrol and clothing prices, according to the Office for National Statistics (ONS). …
Bank of England votes 8-1 to hold interest rates at 5%
Many economists predict that a further rate reduction will come at the Committee’s meeting in November. The Bank of England’s Monetary Policy Committee has voted 8-1 to hold Bank Rate at 5%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 4.75%. The MPC reduced interest rates last month from 5.25%, the first cut since March 2020. …
Bank of England cuts interest rates to 5%
The Bank’s Monetary Policy Committee has reduced rates for the first time since 2020. The Bank of England’s Monetary Policy Committee has voted 5-4 to reduce Bank Rate to 5% – the first reduction since the early days of the Covid-19 pandemic in March 2020. Four members preferred to maintain Bank Rate at 5.25%. This month marks a full year …
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